AGING IN PLACE
Do you love your home? Would you like to stay there as long as possible? Many people do!
Here are some simple ways that could let you continue living in your current home. The cost of Assisted Living can be $3000 a month (or higher). Investing in some modifications and service providers to allow you stay in your home longer often makes great financial sense.
1. GET HELP: If you haven’t already, ask around about good, trustworthy landscape/snow removal and housecleaning teams. Find a good neighborhood handyman. Your favorite Realtor probably has some great recommendations. “Hiring out” these chores reduces accidents (which could necessitate the move to assisted living), reduces stress and will improve your quality of life.
2. MAKE CHANGES: There are some simple changes you can make in your home that will help you stay there longer. The chart below lists some easy upgrades, based on general safety as well as special challenges like vision or mobility.
Many of these changes can be done quickly and affordably by a general handyman. Some modifications (such as widening doorways and adding ramps to accommodate a wheelchair) will require specific professionals and a bit more money.
4. PAY TO STAY: If you are on a fixed income, or short on ready cash, don't despair. If you've lived in your current home for some time, you no doubt have some good equity. Our property values in Colorado are going up so quickly, you might be surprised at just how much equity you have. A local lender can help you explore a Home Equity Line of Credit ("HELOC") that will give you a nice pool of money to use as needed for these upgrades and more. Another solution is a REVERSE MORTGAGE - another program that allows you to access the cash value in your home while growing your savings. Visit our Reverse Mortgage page here on Transitions to learn more!
Keep a printed list of emergency and family phone numbers in large font, inserted in a clear plastic sleeve close to the telephone, in the bedroom, and/or kitchen
Place lamps and a cordless phone within easy reach of the bed or often-used chair.
Ensure there is a clear pathway between the bedroom and bathroom
Keep a flashlight close to the bedside and another in the kitchen in case of emergencies
Colorado Transitions Real Estate Expert
P.O. Box 646
451 Oak St. #208
Frederick, CO 80530-0646